董事高管责任保险对企业ESG表现的影响研究

董事高管责任保险对企业ESG表现

的影响研究

王俊樺¹ 王奇辉¹ 王莺燕²

(1.山东财经大学，山东济南，250014;

2.山东省招远市辛庄镇人民政府，山东招远，265401)

摘 要:随着ESG理念的深入人心，如何推动企业ESG表现提升成为社会公众关注的焦点。董事高管责任保险作为企业的重要风险控制工具，可能对企业的ESG表现具有良好的治理效应。本文选取2009-2022年沪深A股上市公司数据，实证检验董责险对企业ESG表现的影响。研究发现:(1)上市公司购买董责险能够提升企业ESG表现;(2)信息不对称和代理成本在董责险与企业ESG表现之间发挥中介效应;(3)媒体关注和管理层持股能够强化董责险对企业ESG表现的促进作用;(4)董责险的ESG提升效应在重污染地区和法治环境较好的样本中更为显著。研究结论对于完善董责险制度设计、促进企业践行ESG表现具有重要的参考价值。

关键字:董事高管责任保险;企业ESG表现;信息不对称;代理成本

Research on the Impact of D&O Insurance on Corporate ESG Performance

Wang Junwei¹ Wang Qihui¹ Wang Yingyan²

(1.School of Accountancy, Shandong University of Finance and Economics, Shandong Jinan,250014,China:

2. The People's Govemment of Xinzhuang Town, Zhaoyuan City, Shandong Province, Shandong Zhaoyuan,265401,China)

Abstract: As the ESG concept gains widespread acceptance, how to enhance corporate ESGperformance has become a focus of public attention. As an important risk control tool for enterprises,Directors' and Officers' Liability Insurance (D&O insurance) may have a favorable governance effecton corporate ESG performance. Using data of A-share listed companies in Shanghai and Shenzhenfrom 2009 to 2022, this study empirically examines the impact of D&O insurance on corporate ESGperformance. The findings are as follows: (1) The purchase of D&O insurance by listed companiessignificantly improves corporate ESG performance; (2) Information asymmetry and agency costs playmediating roles between D&O insurance and corporate ESG performance; (3) Media attention andmanagement shareholding strengthen the promoting effect of D&O insurance on ESG performance; (4)The ESG-enhancing effect of D&O insurance is more pronounced in heavily polluted regions and samples with better legal environments. These conclusions provide important references for improvingthe design of D&O insurance systems and promoting corporate ESG performance.

Keywords: D&O Liability Insurance; Corporate ESG Performance; Information Asymmetry; Agency Costs

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